Türkeifonds - Türkei 75 Plus

Market comment

After trading on the sidelines with a negative bias throughout the week on concerns over the financial health of several countries, Turkish stocks recorded a slight weekly loss. As a result, ISE-100 declined 1.4% last week and finished Friday at 49,386 points. During the week ahead, investors will be watching the repercussions of the DTP closure case and the economic data flow from the domestic and international markets. For today, we expect to see a mixed opening in equities as a consequence of DTP closure play offs versus slightly firm trading in the global markets.

Politics

On Friday, the Constitutional Court (CC) voted unanimously (11-0) and banned the Kurdish nationalist DTP (2005-2009) finding the party “guilty for cooperating and having ties with the terrorist PKK”.

Economy

Reportedly, the IMF Managing Director Kahn during his meeting Minister Babacan in Washington asked additional information on measures taken by the government to stop the deterioration on the fiscal side.

News in Brief

CMB announced the share swap ratio to be used in the spin off process of Aksigorta

BRSA chairman Mr. Bilgin stated that the banking sector’s net income is likely to decline after having peaked in 2009.

Dogan Gazete settled with the tax office regarding TL21mn fines related to 2004-2007 fiscal years

Competition Board initiated an investigation against Turkcell on claims that it breached the Competition Law